(a) Record the above transactions. (b) Open T accounts for the Interest Expense, Interest Payable. Bank Loans Pavable, and Notes Payable accounts and enter any openina balances. Post the above entries
(c) Assuming there is no other interest expense than that recorded in the transactions above, show the income statement presentation of interest expense for the year ended December 31
(d) Show the current liability section of the statement of financial position as at December 31, listing balances of accounts affected by the above transactions
Ch 10 HW Question 2 of 6 - /20 Bramble-on Ltd, sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts. On July 1.2021 Bramble-on received a three month $12000 bank loan from City Credit Union due on September 30.2021and bearing interest at Interest is payable at maturity. The company records adjusting entries annually at its year end. December 31 During the next four months, Bramble-on incurred the following: Sept Purchased inventory on account for $16.000 from Black Diamond, term /30. The company uses a perpetual inventory system 30 Repaid the $12.000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed, Oct. 1 Isued a six month, 4%, $16.000 note payable to Black Diamond in exchange for the account payable se September transaction. Interest is payable on the first of each month 2 Borrowed 521.000 cash from Montpeller blank for 12 months at 3% to finance the building of a new climbing area for wivanced climbers interest is payable monthly on the first of each month with the principal de in 12 months Now 1 Paldinterest on the black Damond vote and Montpellier Bank loan Der. Palt interest on the Black Diamond note and Montpellier Bank loan Received a $230,000 loan from Atlantic Bank for 12 month at to help pay for a vehicle, Interest is payable Quarterly at the end of each quarter 31 Recorded accrued interest for the lack Diamond note and the Montpellier and Atlantic loans (a) + Ch 10 HW Question 2 of 6 > - /20 III cal Record the above transactions (Post entries in the order presented in the problem statement, Credit account titles are automatically indented when the amount is enteret. Do not indent manually stall debit entries before credit entries Round answers to the nearest whole dollar, c. 5,275) Date Account Titles and Explanation Debit Credit al Record the above transactions. (bOpen Taccounts for the interest Expense, interest Payable, Bank Loans Payable, and Notes Payable accounts and enter any opening balances. Post the above entries (c) Assuming there is no other interest expense than that recorded in the transactions above, show the income statement presentation of interesteponse for the year ended December 31 d) Show the current librity section of the statement of financial position as at December 31, listing balances of accounts affected by the above transactions (a) Record the above transactions. (b) Open T accounts for the Interest Expense, Interest Payable. Bank Loans Pavable, and Notes Payable accounts and enter any openina balances. Post the above entries (c) Assuming there is no other interest expense than that recorded in the transactions above, show the income statement presentation of interest expense for the year ended December 31 (d) Show the current liability section of the statement of financial position as at December 31, listing balances of accounts affected by the above transactions Ch 10 HW Question 2 of 6 > +/20 Bramble-on Ltd sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts on July 1, 2021 Bramble on received a three month $12.000 bank loan from City Credit Uniondor on September 30, 2021. and bearing interest at 3. Interest is payable at maturity. The company records adjusting entries anually at its peat end, December 31 During the next four monty, Bramble-on incurred the following Sept. i Purchased inventory on account for $16.000 from Black Diamond,terms /30. The company uses a perpetud Inventory system 30 Repaid the $22.000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Oct 1 orda six- month, 4%, 516.000 notepayable to Black Diamond in exchange for the account paysbles September 1 transaction. Interest is payable on the first of each month, 2 Borrowed $21.000 cash vom Montpelier Bank for 12 months at to hinance the building of a new climbing area for advanced climbers. Interest is payable monthly on the Best of each month with the principal de in 12 months Now 1 Paid interest on the Black Diamond note and Montpelier Bank loan Dec 1 Poid interest on the Black Diamond note and Montpeller Bank loan 3 Received a $230,000 loes from Atlantic Bank for 12 months at 3% to help pay for a velice Interest is payable Quarterly at the end of each quarter 31 Recorded accrued interest for the Black Diamond note and the Montpelier and Atlantic loans (al Ch 10 HW Question 2 of 6 /20 111 31 Recorded accrued interest for the Black Diamond note and the Montpeller and Atlantic loans. Record the above transactions (Post entries in the order presented in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Round answers to the nearest whole dollar, 5.275.) Date Account Titles and Explanation Debit Credit
